Economist Justin Wolfers has issued a stark warning regarding the escalating conflict between the White House and the Federal Reserve, declaring that Chair Jerome Powell is “going to war” to protect the central bank’s independence against what he terms the “Department of Recriminations.”
A Declaration Of War
In a series of blistering statements on Monday, Wolfers characterized Federal Reserve Chair Powell’s recent public address as a direct counter-offensive against executive pressure.
Referring to an unprecedented “evening video” released by the central bank, Wolfers argued that Powell is no longer just defending policy, but actively fighting back.
“Don’t doubt that Jay Powell is going to war,” Wolfers stated. “I’ve never seen a central bank release an evening video so directly taking on a head of state. In this case, the medium is the message: Powell is taking his case to the people.”
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